SPY vs VAW
State Street SPDR S&P 500 ETF Trust vs Vanguard Materials ETF
Which is better, SPY or VAW?
Large Cap Blend against Mid Cap Blend.
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 56.2%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | VAW |
|---|---|---|
| Expense Ratio | 0.09%Tie | 0.09%Tie |
| AUM | $804.7B | $2.9B |
| Dividend Yield | 0.98% | 1.39% |
| Holdings | 505 | 111 |
| YTD Return | +11.52%Best | +8.73% |
| 1Y Return | +17.48%Best | +12.37% |
| 3Y Return (annualized) | +20.62%Best | +10.06% |
| 5Y Return (annualized) | +12.73%Best | +6.27% |
| Volatility (annualized) | 14.6%Best | 20.4% |
| Max Drawdown | -56.5%Best | -63.5% |
| $10,000 over 5 years | $18,205Best | $13,554 |
| Top 10 Weight | 38.0%Best | 56.2% |
| Fund Family | State Street Investment Management | Vanguard (US) |
| Category | Equity | Equity |
| Style | Large Cap Blend | Mid Cap Blend |
| Inception | Jan 22, 1993 | Jan 26, 2004 |
Volatility and max drawdown are measured over the window both funds cover: Jan 30, 2004 to Sep 10, 2026 (22.6 years).
SPY vs VAW growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 22.6 years both funds cover.
SPY vs VAW Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and Vanguard Materials ETF (VAW) is an ETF from Vanguard (US). Over the past year SPY returned +17.48% while VAW returned +12.37%. Year to date, SPY is up 11.52% versus a gain of 8.73% for VAW.
Over three years, SPY compounded at +20.62% per year against +10.06% for VAW; over five years the annualized figures are +12.73% and +6.27% respectively. Across the full 23-year window we track, SPY has the edge at +9.12% annualized vs +7.45%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
VAW has been the more volatile fund, with annualized monthly volatility of 20.4% compared with 14.6% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for SPY and -63.5% for VAW. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.85. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
SPY charges 0.09% per year while VAW charges 0.09%. On a $10,000 position that is $9 vs $9 annually. On income, SPY currently yields 0.98% against 1.39% for VAW.
Holdings Overlap
1.6% of SPY's money is in holdings VAW also owns. 68.5% of VAW's money is in holdings SPY also owns.
The two portfolios partly overlap.
23 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in VAW, against full books of 505 and 111.
What only one of them owns
Our book lists 80 positions for VAW that do not appear in our book for SPY (27.2% of the fund), and 472 for SPY that do not appear in VAW (98.0%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in VAW | Difference |
|---|---|---|---|
| LINLinde Plc Ordinary Shares | 0.34% | 15.72% | 15.38% |
| NEMNewmont Corp. | 0.16% | 6.59% | 6.43% |
| SHWSherwin Williams Co/the | 0.12% | 5.29% | 5.17% |
| C1RH34:IECrh Plc | 0.10% | 4.68% | 4.58% |
| ECLEcolab, Inc. | 0.11% | 4.63% | 4.52% |
| APDAir Products & Chemicals In | 0.10% | 3.88% | 3.78% |
| CTVACorteva Inc. | 0.08% | 3.72% | 3.64% |
| NUENucor Corp. | 0.09% | 3.23% | 3.14% |
| VMCVulcan Materials Co. | 0.06% | 2.52% | 2.46% |
| MLMMartin Marietta Materials Inc. | 0.05% | 2.27% | 2.22% |
68.5% of VAW is already inside SPY.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or VAW?
SPY has an expense ratio of 0.09% while VAW charges 0.09%. At the precision these are quoted to, they cost the same.
Which performed better, SPY or VAW?
Over the past year SPY returned +17.48% vs +12.37% for VAW, so SPY leads on 1-year performance. Over the longest common window we track (23 years), SPY annualized +9.12% vs +7.45% for VAW. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or VAW?
VAW has been the more volatile fund at 20.4% annualized versus 14.6% for SPY. Worst drawdown: SPY -56.5% vs VAW -63.5%.
Should I hold both SPY and VAW?
SPY and VAW have a monthly-return correlation of 0.85, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between SPY and VAW?
68.5% of VAW's money is in holdings SPY also owns. 68.5% of VAW's is in holdings SPY also owns. They hold 23 positions in common, counted across the 504 positions we hold weights for in SPY and 111 in VAW.
Which pays a higher dividend, SPY or VAW?
SPY yields 0.98% while VAW yields 1.39%, so VAW currently pays the higher dividend yield.
Is VAW better than SPY?
SPY led over 1Y, 3Y, 5Y and the full window. SPY is less concentrated, with 38.0% of the fund in its ten largest positions against 56.2%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.